LLC(one owner) - Form K1 or Schedule C

Forum|Forum|7 years ago
June 6, 2019
2 replies
33 views

Hi, I have one LLC(Scorp) and I am sole owner. When I file my taxes should I use schedule C or Form K1.

TurboTax Self Employed Online

Carl

Level 11

Your single member LLC is considered a disregarded entity as far as the IRS is concerned. You'll report all business income and expenses on SCH C as a part of your personal tax return. Under no circumstances will you issue yourself a W-2, 1099-MISC or any other type of tax reporting document. TO do that, would be wrong and the IRS will audit you on that.

TaxGuyBill

Level 13

Carl's response is correct if the LLC has NOT made the election to be taxed as a corporation. However, if the LLC *HAS* made the election to be taxed as an S-corporation, the corporation should issue you a W-2 and a K-1 (no Schedule C). You are required to be on payroll (and all of the associated payroll forms and taxes), so be sure you are doing that.

I REALLY, REALLY recommend going to a tax professional ASAP. Doing thing wrong can easily cost you thousands of dollars.